YM BioSciences Announces Receipt of Final Court Order Approving the
Plan of Arrangement with Gilead Sciences
MISSISSAUGA, ON,
Feb. 5, 2013 /CNW/ - YM
BioSciences Inc. (NYSE MKT: YMI, TSX: YM) (the "Company" or
"YM") is pleased to announce that the Supreme Court of Nova Scotia has issued a final order approving
the previously announced plan of arrangement (the "Arrangement")
involving the Company, Gilead Sciences, Inc. ("Gilead") and 3268218
Nova Scotia Limited, a wholly-owned subsidiary of Gilead (the
"Purchaser"). Under the Arrangement, the Purchaser will
acquire all of the issued and outstanding common shares ("Common
Shares") of the Company for cash consideration of US$2.95 per Common Share. In addition, holders of
warrants and options will each receive a cash payment equal to the
difference between US$2.95 and the
exercise price of such warrants or options.
Assuming all other closing conditions are
satisfied or waived, it is anticipated that the Arrangement will
become effective on February 8, 2013 (the "Effective Date").
The Common Shares are expected to be delisted from the Toronto
Stock Exchange and NYSE MKT LLC promptly following the Effective
Date. Following completion of the Arrangement, the Company
will also apply to cease to be a reporting issuer under applicable
Canadian securities laws. In addition, the Company will be eligible
to terminate the registration of its Common Shares under the United
States Securities Exchange Act of 1934, which would mean that the
Company will no longer be required to file or furnish reports with
the United States Securities and Exchange Commission.
Further details regarding the Arrangement are
set out in the joint press release dated December 12, 2012 and the management proxy
circular of the Company dated December 31,
2012, copies of which are available under the corporate
profile of the Company on SEDAR at www.sedar.com.
About YM
YM is a drug development company primarily focused on advancing
CYT387, an orally administered inhibitor of both the JAK1 and JAK2
kinases, which have been implicated in a number of hematological
and immune cell disorders including myeloproliferative neoplasms
and inflammatory diseases as well as certain cancers. Positive
results have been reported from a Phase I/II trial of CYT387 in 166
patients with myelofibrosis.
This press release may contain
forward-looking statements, which reflect YM's current expectation
regarding future events. These forward-looking statements involve
risks and uncertainties that may cause actual results, events or
developments to be materially different from any future results,
events or developments expressed or implied by such forward-looking
statements. Such factors include, but are not limited to,
uncertainties as to the timing of the arrangement; the satisfaction
of the conditions precedent to the completion of the arrangement;
changing market conditions; the successful and timely completion of
clinical studies; the establishment of corporate alliances; the
impact of competitive products and pricing; new product
development; uncertainties related to the regulatory approval
process or the ability to obtain drug product in sufficient
quantity or at standards acceptable to health regulatory
authorities to complete clinical trials or to meet commercial
demand; and other risks detailed from time to time in YM's ongoing
quarterly and annual reporting. Except as required by applicable
securities laws, YM undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
SOURCE YM BioSciences Inc.